Scholarship for MBA Students- Types, Eligibility, How to Apply

According to the All India Survey on Higher Education (AISHE 2023), over 30% of postgraduate students depend on some form of scholarship or financial aid to complete their studies.

An MBA is one of the most sought-after postgraduate degrees in India and abroad, but it also comes with a high financial cost. In India, the average fee for an MBA program ranges between ₹10–25 lakh at leading institutions like the IIMs, XLRI, ISB, FMS, and UPES. Globally, top MBA programs in the US and UK can cost over ₹80 lakh to ₹1 crore, making financial assistance essential for many students.

Scholarships for MBA students help bridge this gap by offering merit-based, need-based, and category-specific financial aid. In this blog, get all the information you need to help your secure the scholarship of your choice in your MBA success journey.

Govt Scholarship for MBA Students

The Government of India extends a variety of scholarships to ensure inclusive education. Notable examples include:

• UGC Post Graduate Merit Scholarship – ₹2,000 per month for two years for top rank holders in undergraduate courses.
• Central Sector Scheme of Scholarships – For students from economically weaker sections.
• Merit-cum-Means Scholarship for Minority Communities – For minority students scoring at least 50% in their previous exam, with family income below ₹2.5 lakh annually.
• National Scholarship Scheme – Offered through the National Scholarship Portal based on academic and financial eligibility.

Private Scholarship for MBA Students

A range of private corporations, philanthropic organizations, and educational institutions provide significant scholarships to support MBA aspirants—especially in merit, need, and institutional excellence. Noteworthy programs include:

• Aditya Birla Group Scholarship: Offers partial or full tuition support to outstanding MBA applicants.
• BML Scholarship: Targets students with strong academic credentials and high scores in entrance exams like CAT, XAT, or GMAT.
• PNB Housing Finance Protsahan Scholarship: Awards candidates in finance or marketing with limited family income (under ₹3 lakh per year).
• ONGC Scholarship: Available to first-year MBA students across SC/ST/OBC/general categories, with annual household incomes below ₹2 lakh.
• Hindustan Unilever Limited (HUL) Scholarship: Offers ₹1 lakh per annum to second-year MBA students demonstrating merit and financial constraints.
• OP Jindal Engineering and Management Scholarships (OPJEMS): Recognizes top-performing students across engineering and management programs.
• IDFC FIRST Bank Scholarship: Need-based aid for students from families earning under ₹6 lakh per annum.
• UPES Scholarships: The University of Petroleum and Energy Studies (UPES), Dehradun, offers an array of scholarships specifically for MBA students:
   
  • UPESMET MBA Scholarship: A merit-based award offering a 20% tuition fee waiver for both first and second semesters, limited to 75 seats. Eligible students typically need strong grades (e.g., minimum 80% in UG) and high entrance exam scores (e.g., 85+ percentile in CAT or 200+ in NMAT).
     
  • General Merit-Based Scholarships: UPES provides waivers ranging from approximately 15% to 30% of tuition fees for the first two semesters, with up to 100 MBA scholarships available. Eligibility is often tied to graduation performance (e.g., ≥75% or CGPA ≥7.5), and continuation depends on maintaining academic standards.
     
  • Special Scholarships: UPES offers merit-based scholarships for girl students under project Shakti, sports (Vijay) scholarships, freeships (Jyoti) to underprivileged students and domicile scholarships for Uttarakhand residents. UPES also runs Project Naman, an initiative to create a difference in the lives of martyrs’ families. It also extends full tuition waivers to economically disadvantaged students and domicile-based concessions for Uttarakhand residents, as well as special support schemes for female, alumni, employee wards, and sports achievers, with varying tuition waivers from partial up to full coverage.

These private scholarship avenues significantly support diverse applicants—catering to academic merit, financial need, regional representation, and extracurricular excellence.

National Scholarship for MBA Students

National-level scholarships integrate both government and private initiatives, managed through the National Scholarship Portal (NSP). They allow candidates to apply for multiple schemes on a single platform, ensuring transparent allocation and equal opportunities. Eligibility is based on academic merit, income criteria, and institutional recognition.

Eligibility for MBA Scholarships

Although criteria vary, common eligibility requirements include:

• A strong academic record in graduation and/or MBA entrance exams (CAT, XAT, GMAT, etc.)
• Annual family income within a specified threshold (generally ₹2–6 lakh per annum)
• Admission to a recognized management institute in India
• Belonging to specific categories such as SC, ST, OBC, minority communities, or economically weaker sections (for certain schemes)
• Age limits (commonly below 30 years for government schemes)

How to Apply for MBA Scholarships

The application process generally involves:

1. Researching and shortlisting scholarships relevant to your profile.
2. Checking eligibility requirements for academic marks, category, and income limits.
3. Preparing documents, including academic transcripts, income certificate, caste/minority certificate (if applicable), Aadhaar, bank passbook, and photographs.
4. Filling out applications through the official portal or institutional website.
5. Submitting before deadlines and tracking status online.
6. Attending interviews or assessments, if part of the selection process.
    

Benefits of MBA Scholarships

MBA scholarships extend beyond financial relief, offering several advantages:

• Financial Assistance – Cover tuition fees, accommodation, and study materials.
• Equal Access to Education – Enable students from weaker financial backgrounds to study at top institutes.
• Recognition of Merit – Reward academic excellence and leadership potential.
• Career Development – Many scholarships are linked to mentorship, networking, or internship opportunities.
• Reduced Debt Burden – Allow students to graduate without the heavy pressure of loans, enabling career choices based on merit rather than financial compulsion.

Summary Table of MBA Scholarships in India

Institutions Known for MBA Scholarships

Several Indian institutions are known for accepting and facilitating scholarships, including:

• The Indian Institutes of Management (IIM Ahmedabad, Bangalore, Calcutta, Lucknow, Kozhikode, Indore, Shillong)
• UPES
• XLRI, Jamshedpur
• SIBM, Pune
• MDI, Gurgaon
• ISB, Hyderabad
• FMS, Delhi University
• Nirma University, Ahmedabad
• JBIMS, Mumbai
• NMIMS, Mumbai
• XIMB, Bhubaneswar
• SJMSOM, IIT Bombay

Repayment and Conditions

Most scholarships do not require repayment. Nevertheless, some may include specific conditions such as maintaining a minimum GPA, or fulfilling commitments like service in designated sectors or regions post-graduation

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Way Forward

An MBA is a significant investment, but scholarships for MBA students make it more accessible by easing financial burdens and rewarding merit. From government scholarships that support disadvantaged groups to private scholarships offered by corporates and universities like UPES, and national-level schemes via the NSP, students today have multiple avenues of support.

These scholarships not only reduce costs but also recognize talent, promote inclusivity, and empower students to pursue management education without heavy debt. By applying strategically and meeting eligibility requirements, aspirants can turn their MBA journey in India into both an affordable and transformative experience.